Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

Iranian heavy oil price increased $4.96 in June to register a 7.4-percent rise compared to the previous month, according to OPEC’s latest monthly report published on Thursday. Iranian heavy crude oil price followed its upward trend since the beginning of the current year to reach $71.68 per barrel in the …

Oil prices fell by more than $1 a barrel on Thursday on expectations of more crude hitting the market after a compromise deal between leading OPEC producers and a surprisingly poor weekly reading on U.S. fuel demand, Reuters reported. Brent crude settled at $73.47 a barrel, dropping $1.29, or 1.7%. …

Oil was down Thursday morning in Asia, with a recent rally fizzling, as a build in U.S. gasoline inventories and a potential Organization of the Petroleum Exporting Countries and allies (OPEC+) agreement to increase supply clouded the black liquid’s outlook. Brent oil futures were down 0.68% to $74.25 by 1:38 …

Saudi Arabia and the United Arab Emirates (UAE) have reached a compromise over OPEC+ policy, an OPEC+ source said on July 14, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices. Brent oil prices fell on the news …

The amount of remaining recoverable oil resources in the world is 9% lower than last year, according to a new Rystad Energy assessment, which also showed that oil production and consumption can align with future climate goals. The assessment illustrated each country’s remaining recoverable resource standing as of the beginning …

OPEC+ has not been successful in making progress in closing divisions between Saudi Arabia and the United Arab Emirates. OPEC+ is yet to make progress closing divisions between Saudi Arabia and the United Arab Emirates that last week prevented a deal to raise oil output, making another policy meeting this …

Oil demand surged last month as rising vaccination rates helped underpin robust economic activity, but with oil-producing nations pumping less than needed prices are set to be volatile until it reaches a deal to raise output, the International Energy Agency (IEA) warned on Tuesday. A meeting of Organization of the …

The International Energy Agency on Tuesday warned that world oil markets are likely to remain volatile following a breakdown in talks between OPEC members and their non-OPEC allies, creating a no-win situation. In its latest monthly oil market report, the IEA said energy market participants were closely monitoring the prospect …

Saudi Arabia and Oman called on Monday for continued cooperation between OPEC and other allied producers to stabilise and balance the oil market, the Gulf states said in a joint statement. Saudi Arabia, the biggest oil producer in the Organization of the Petroleum Exporting Countries, and Oman, a small non-OPEC …

The UAE took oil market watchers by surprise this month when it dug its heels in and refused to agree to an extension of the current OPEC+ production control deal under its original terms. The emirates demanded an adjustment of baseline production levels, noting that November 2018 was hardly reflective …